Oncolytic Viruses (OVs) are genetically engineered or naturally occurring viruses that selectively target & kill cancer cells without harming the normal tissues. This therapy is a new therapeutic procedure to treat cancer patients and has presented promising outcomes worldwide.
According to MarkNtel Advisors, the Global Oncolytic Virus Therapy Market is projected to grow at a CAGR of around 20.3% during the forecast period i.e. 2022-27. The market is driven primarily by the mounting prevalence of cancer worldwide and the surging number of clinical trials & R&D investments for cancer therapies.
Moreover, the burgeoning focus of the governments in both developed & emerging countries on reducing mortality & morbidity rates by conducting various awareness campaigns toward encouraging people to opt for early diagnosis has increased the patient pool of oncolytic virus therapies. Hence, in the coming years, the global market is projected to significantly grow and create lucrative growth opportunities for the leading players in the market.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, Australia|
|South America: Brazil, and Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Amgen Inc., Daiichi Sankyo Company Limited, DNAtrix, Genelux Corporation, Oncolytics Biotech Inc., PsiOxus Therapeutics, RIGVIR Ltd., Shanghai Sunway Biotech Co. Ltd., SillaJen Inc., Sorrento Therapeutics Inc., Takara Bio Inc., Lokon Pharma AB, VCN Biosciences, ViroCure Inc., Viralytics Ltd. (Merck & Co. Inc.)|
|Unit Denominations||USD Million/Billion|
Impact of Covid-19 on the Global Oncolytic Virus Therapy Market
Based on Application, the Global Oncolytic Virus Therapy Market segments into:
Of them all, Melanoma is anticipated to dominate the Global Oncolytic Virus Therapy Market in the coming years. It owes to the increasing cases of this skin cancer among people arising from melanocytes. The early-stage lesions might be curative through complete surgical excision, yet the metastatic melanoma remains therapeutically challenging.
Oncolytic Virus Therapy uses the native or attenuated live viruses to selectively eliminate the melanoma cells & induce systemic tumor-specific immune responses. The treatment for Melanoma has evolved rapidly in recent years and has used intratumoral injections. The first FDA-approved oncolytic virus therapy was in 2015, called Talimogene Laherparepvec (T-VEC). This virus displays improvements in patients with a durable response rate with advanced Melanoma.
On the other hand, Oncolytic Virus Therapy for Breast Cancer is expected to display promising outcomes in the coming years. Breast cancer is the second most common cause of death from cancer in the United States after lung cancer. According to the American Society of Clinical Oncology (ASCO), currently, there are more than 3.8 million women diagnosed with breast cancer in the US.
Current treatments to cure metastatic breast cancer are insufficient and often incur severe side effects that worsen patients’ life quality. Hence, the need for oncolytic viruses as immunotherapeutics & their rational combination with other therapeutic approaches for the optimal treatment of breast cancer is rising rapidly, states MarkNtel Advisors in their research report, “Global Oncolytic Virus Therapy Market Analysis, 2021.”
Based on the Geography, the Global Oncolytic Virus Therapy Market expands across:
Of them all, North America is projected to attain the largest market share during 2022-27, mainly due to its extensive & superior healthcare infrastructure, coupled with improvised reimbursement policies across various countries. Additionally, the well-established research environment for biotechnologies in the region also significantly contributes to the overall market growth. Besides, the presence of the leading healthcare providers, especially in countries like the US & Canada, coupled with their active participation in the R&D of cancer therapy through massive investments, are other crucial aspects expected to drive the regional market in the coming years.
Recently, Amgen Inc. has received approval from the US Food & Drug Administration (FDA) for a Biologics License Application for IMLYGIC (T-Vec) Therapy. It is principally for the local treatment of unresectable cutaneous, subcutaneous and nodal lesions in patients with melanoma that is recurrent after the initial surgery.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Oncolytic Virus Therapy Market is likely to grow at a CAGR of around 20.3% in the coming period of 2022-27.
A. Lung Cancer & Breast Cancer are the most likely to maintain their significant market share during the coming period.
A. Increasing technological advancements in cancer treatments & the development of new therapies shall prominently drive the Global Oncolytic Virus Therapy Market through 2027.
A. The Global Oncolytic Virus Therapy Market observed a considerable surge in recent years and is likely to continue the same trend in the coming years, owing to the consistent advancements in developing new therapies for cancer patients.